For instance, Genentech CEO Arthur Levinson still serves on both the board of Apple and Google. Intuit chairman Bill Campbell and former Vice President Al Gore serve on Apple's board and as senior advisors to Google.

"We will continue to investigate remaining interlocking directorates between the companies," promised the FTC.

Meanwhile, the Federal Communications Commission is looking into how Apple runs its iPhone App Store after complaints over applications that weren't accepted -- including Google's. Apple rejected a Google Voice app in a move that most believe was sparked by fears that Google's telephony software would compete with Apple partner AT&T's wireless services.